SOL on steroids: Galaxy Digital transitions stocks to blockchain. Should we all buy Solana now?
Price forecasts for Solana have become more optimistic after it surpassed the resistance level of $209. This occurred against the backdrop of a historic event: Galaxy Digital launched its SEC-registered shares as GLXY tokens directly on the Solana blockchain. This is the first time that shares of a public American company have been issued on a major public blockchain.
Technical analysis shows that the price of SOL is holding above a key upward support line in the range of $190-200. This creates a foundation for further growth with projected targets of $225-291 in the coming months.
Galaxy Digital integrates stocks into blockchain
Galaxy Digital has launched tokenized shares of GLXY, allowing holders of Class A common shares to convert them into native tokens on the Solana blockchain. Each token represents a real share, possessing the same legal and economic rights as traditional securities. The tokenization process requires KYC verification, and tokens can only be stored or transferred between whitelisted addresses to comply with anti-money laundering regulations.
The company chose Solana for its speed and throughput. Future support for Ethereum is planned, but trading tokens on decentralized exchanges (DEX) is currently unavailable until regulatory clarity is obtained.
Upward support and potential targets
On the 4-hour chart, $SOL maintains a position above the key upward trend line, which serves as the basis for the current rally that started from $120. This support line coincides with the 200-period exponential moving average (EMA) around $190, creating a strong technical basis for continued growth.
The RSI indicator is at 14, which may indicate an approach to the oversold zone and a potential rebound if support holds.
MACD shows positive momentum.
Analysis of the daily chart shows that SOL is moving within an upward channel. Current projections suggest a decline to the support of $190-200, followed by an increase to the upper boundary of the channel, up to $240.
Forecasts indicate a sequence of movement first to the support level at $170, and then to $291, which represents a potential growth of 40%. Additionally, if the current consolidation resembles the movement of fall 2023, the price of SOL could reach the range of $400-500.
The nearest goal is to stay above upward support and break the resistance levels at $225-240. A successful breakout of these levels will confirm more optimistic forecasts.
